After steadily increasing for three months, pending home sales in the United States let up in May with the first year on year fall for almost two years with all four major regions seeing a decline.
The Pending Home Sales Index, a forward looking indicator based on contract signings from the National Association of Realtors fell by 3.7% to 110.8 in May from a downwardly revised 115 in April and is now 0.2% lower than May 2015.
But even with last month’s decline, the index reading is still the third highest in the past year, but declined year on year for the first time since August 2014.
Existing home sales in the United States increased in May to their highest pace in almost a decade and median sales prices reached an all-time high.
While the uptick in demand this spring amidst lagging supply levels pushed the median sales price to an all-time high, according to the National Association of Realtors®. All major regions except for the Midwest saw strong sales increases last month.
Total existing home sales, which are completed transactions that include single family homes, town homes, condominiums and co-ops, were up by 1.8% to a seasonally adjusted annual rate of 5.53 million in May from a downwardly revised 5.43 million in April.
New research suggests that the vast majority of would be first time buyers in the United States believe they can’t afford to buy because of student debt.
Some 71% of non-homeowners repaying their student loans on time believe their debt is stymieing their ability to purchase a home, and slightly over half of all borrowers say they expect to be delayed from buying by more than five years.
The survey from the National Association of Realtors (NAR) and SALT, a consumer literacy programme provided by American Student Assistant, also revealed that student debt postponed four in 10 borrowers from moving out of a family member's household after graduating college.
After a spate of disappointing quarterly results from big-name retailers, mall real estate investment trusts (REITs) have come under pressure.
The FTSE NAREIT regional mall index is on track for its second straight month of declines, after department store operators such as Macy's and Nordstrom reported disappointing earnings and soft monthly sales results, raising concerns about possible store closings.
Apartment rent growth in the United States has slowed nationwide over the past year, with the higher end of the market most affected, new research shows.
After growing at a blistering pace for much of 2015, apartment rents across the county are growing at a slower pace thus far in 2016, according to the data from real estate firm Zillow.
Overall, apartment rents nationwide grew by 3.6% for the year ending in April 2016, almost 2% points slower than the 5.4% pace reported for the year ending in April 2015.
As the housing market continues to recover in the United States, home owners who are underwater on their mortgages are increasingly concentrated in the Rust Belt, according to the latest real estate report.
The data from the Negative Equity Report from real estate firm Zillow also shows that West Coast home owners are less likely to be in negative equity.
Nationally, 12.7% of home owners with a mortgage were in negative equity, meaning they owed more on their mortgage than their homes were worth. However, negative equity is down from a peak level of 31.4% in the first quarter of 2012.
Investment is set to double in the next five years as wealthy rush to get their money into overseas assets, especially houses
Pending home sales in the US rose for the third consecutive month in April and reached their highest level in over a decade, according to the latest index data to be published.
All major regions saw gains in contract activity last month except for the Midwest, which saw a meagre decline, the pending homes index from the National Association of Realtors shows.
The index, a forward looking indicator based on contract signings, increased by 5.1% to 116.3 in April from an upwardly revised 110.7 in March and is now 4.6% above April 2015 when it was 111.2.
After eight years of record or near record residential sales, the Miami real estate market is normalising with steady growth, according to various prominent local market experts.
The fast sales growth of Miami middle market properties, the continued high percentage of all cash buyers, preconstruction condo inventory in the rapidly-growing Downtown Miami area and South Florida’s overall population and job increases are boosting the market, they told the recent Real State of the Miami Market event.
According to Anthony Graziano, senior managing director of Integra Realty Resources, 2013 and 2014 were extremely strong for the Miami market for fundamental reasons, including pent-up demand.
National property growth in the United States increased by a moderate 0.6% quarter on quarter but values are barely rising with variations according to location.
Opt in here